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2. Mest Company has 9 employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are
2. Mest Company has 9 employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Cumulative Employee Cumulative Pay Employee Cumulative Pay Employee Pay Ken S. $6,000 Michael M. $143,500 Lori K. $121,000 Tim V. 60,200 Erin C. 106,900 Kitty O. 36,900 Steve S. 87,000 Kyle B. 118,500 John W. 4,000 Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns. Cumulative Pay Pay Subject to FICA Social Security Pay Subject to FICA Medicare Pay Subject to Pay Subject to FUTA Taxes SUTA Taxes Employee
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